We are two payments behind on our house. We had to rent an apartment because my husband will be unemployed soon.We had put the house for sale last year, no offers. We tried to refinance but our house was appraised 22,000 less than what the finance company appraised it for 2.5 years ago. The finance company would not lower our rate, to what we could afford. We had to move before unemployment happens. I now cannot afford my car which is financed through same company. What will happen when they foreclose? We live paycheck to paycheck. Have no assets. Can we file bankruptcy?
Real Estate Professionals
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{ 4 comments… read them below or add one }
I don’t know what they do when they foreclose, but I’m pretty sure you ain’t gonna like it.
You can call a lawyer and see if they can negotiate on your behalf before the mortgage company forecloses.Lawyers have more power negotiating than you do.
Banks generally want to see you in the house vs. having a house they cant get rid of. I would definitely suggest you talking to a bankruptsy attorney. Bankruptsy, if you havent filed within 7 years before, is definitely made for people in your situation. You can even negotiate to keep certain items, like the car, if you can afford to pay for it after you loose the house. It will go against your credit, but it will take a lot of burden off of you all.
Or, you can try renting out your house… that might solve things for a while?
Good luck… my prayers are with you.
you lose your home and have to move out. .as far as bankruptcy is concerned call a Lawyer and ask them.you don’t need a special Lawyer to do this any Lawyer can file bankruptcy for you.
My recommendation would be simple move back in because it will take like 6-9 months if not more for the bank to make you move. I would move in not pay any rent save some money for when your unemployed and that way when you get booted out from your home you at least have some money saved up to rent.